Tata Motors Q4 Review - Margin, Free Cash Flow Continue To Positively Surprise: ICICI Securities
The logo for Tata Motors Ltd. is displayed on the front grill of a Tata Indica vehicle at a showroom. (Photographer: Abhijit Bhatlekar/Bloomberg News)

Tata Motors Q4 Review - Margin, Free Cash Flow Continue To Positively Surprise: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Tata Motors Ltd.'s Q4 FY21 operational performance was ahead of consensus estimates with consolidated Ebitda margin at 14.4% (up 444 basis points YoY), driven by strong performance in domestic passenger vehicle (~5%)/commercial vehicle(~9%) and Jaguar Land Rover (15.3%).

Free cash flow generation (Q4: Rs 102 billion) aided net debt reduction (QoQ: Rs 138 billion) and conservative FY22 free cash flow target is more than £500 million (excluding one-time restructuring costs).

In JLR management remains focused on capital deployment towards future technologies with low going concern risk while improving core Ebit margins (FY24 target: more than 7%).

Click on the attachment to read the full report:

ICICI Securities Tata Motors Q4FY21 Results Update.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.